Prime Minister Mark Carney said that Canada had introduced a 25 percent tariff on cars and trucks made in the United States in retaliation for the tariffs that went into effect Thursday morning on Canadian vehicles. Hours before the tariffs imposed by President Trump took effect, the automaker Stellantis told the union representing about 3,600 … Read more
Health Secretary Robert F. Kennedy Jr. announced wide-ranging cutbacks at federal health agencies, including the Food and Drug Administration, that would eliminate duplicative services and paper pushers. But in interviews with more than a dozen current and former F.D.A. staff members, a different picture emerged of the far-reaching effects of the layoffs that would ultimately … Read more
President Trump on Wednesday ordered the closure of a loophole that allows retailers to directly send clothes and other goods from China to American shoppers without paying tariffs. The loophole, known as the de minimis exemption, currently applies to goods worth less than $800. Such goods are allowed to enter the United States tariff free. … Read more
President Trump’s tariffs have spared almost no corner of the Earth. Even tiny, sparsely populated islands that export close to nothing. Among the countries and territories listed on sheets of paper that were distributed to reporters in the White House Rose Garden on Wednesday were Heard Island and McDonald Islands, Australian territories near Antarctica where … Read more
For three years, the U.S. economy has been buffeted by rapid inflation, high interest rates and political instability at home and abroad. Yet it has proved surprisingly resilient, supported by the sturdy pillars of robust consumer spending, a rising stock market, and healthy balance sheets for households and businesses alike. But one by one, those … Read more
Source: Trade Partnership Worldwide analysis of Census Bureau trade data Note: Figures are rounded and may not add up exactly to the total tally. The figures provided for China, Mexico and Canada are for the announced tariffs that target those countries specifically; they are also subject to tariffs on autos, steel and aluminum. The New … Read more
President Trump upended the international trading system on Wednesday with a blunt package of global tariffs, making the case that the United States faces a dire economic emergency as a result of trade imbalances with countries across the globe. It’s a sentiment that Mr. Trump has expressed for decades, one that helped propel him to … Read more
Radhika Jones, the editor of Vanity Fair since 2017, said on Thursday she would step down after seven years of leading the magazine. Ms. Jones, 52, said in an email to Vanity Fair’s staff that she was leaving to take on new challenges, adding that she didn’t want to experience the “horror of staying too … Read more
Shares in many major consumer brands plunged on Thursday, the day after President Trump announced steep tariffs on countries that produce lots of shoes and clothing, such as Vietnam, Indonesia and Cambodia. Many sportswear brands had shifted production away from China, after Mr. Trump ramped up tariffs on the country during his first term, and … Read more
Capital One cleared a significant obstacle to its proposed acquisition of Discover Financial Services after the Justice Department told regulators that it doesn’t see sufficient competition concerns to block the deal, according to two people with knowledge of the matter. The deal, a $35 billion merger of some of the nation’s largest credit card companies … Read more